Maturity Benefits For Different Term Life Insurance Plans

Choose a life insurance policy with the best maturity benefit will offer you and your loved ones financial stability at the end of the tenure of the plan. Choose from the top life insurance products in the market offered by the best life insurers.
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Life Insurance
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  • Choose between annual and monthly premium payment options

Term insurance plans are basically protection plans. They are particularly designed to protect your family against unforeseen circumstances. These are three types of term insurance plans available in India which include - increasing benefit, level benefit and decreasing benefit. A term insurance plans is a must for the bread winner of a family and for those whose health is not in a good condition.

Maturity Benefits

Maturity benefits refers to the amount received by a policyholder or nominee when a policy matures. A tem insurance policy needs to be active or in force to avail these maturity benefits. Term life insurance policies may include the followings as maturity benefits:

  • The basic sum assured.

  • Accrued guaranteed additions and vested simple reversionary bonuses (if any).

  • Terminal bonus (if applicable).

Term Insurance With Maturity Benefit India

The term life insurance plans with maturity benefits are slightly different form the traditional life insurance plans. Normally, a traditional term insurance policy does not offer any direct maturity benefits to the policyholder. They only provide death benefits when a policyholder dies within the policy term.

So, if any buyer/policyholder wants to have maturity benefit, he/she can opt for a TROP (Term Return of Premium) plan. A term return of premium plan provides income replacement and refund the premiums at maturity, apart from offering all benefits of a traditional term life insurance plan. A TROP plan is a variant of pure term insurance plan and ensures maturity benefits, if the policyholder survives till the end of policy tenure.

Key Features of Term Plans With Maturity Benefit

The term life insurance plans with maturity benefits or term return of premium plans come with a lot of attractive features. Listed below are the key features of term life insurance plans with maturity benefits:

Free-look period

15 days for manually purchased policy

30 days for policies purchased online.

Entry Age

Minimum entry age:18 years

Maximum entry age: 65 years

Grace period

15 to 30 days based upon policy modes. Usually, 15 days for monthly mode policies and 30 days for other modes.

Plan type

Term insurance plans offers flexibility in terms of choosing a plan. One can choose a plan on single life basis or joint life basis.

Premium paying term

Single pay, Limited pay and Regular pay.

Age at maturity

25 year/ 65 years/ 75 years to whole life. Differ from policy to policy.

Policy revival

The policy can revived within two years from the date of unpaid premium.

Premiums

Based on sum assured and age of the applicant.

Nomination

Term life insurance policies with maturity benefits accept nomination.

Premium paying frequency

Yearly/ monthly.

Sum Assured

Vary from policy to policy offered by various life insurance companies.

Policy coverage

Death benefits and maturity benefits.

Policy term

Minimum- 5 years

Maximum – 30-35 years

Benefits of Term Insurance With Maturity Benefit

The term life insurance plans with maturity benefits offer a number of attractive benefits which include:

  • Death Benefits: Term insurance plans offer death benefits to designated nominees. The nominees will receive these death benefits, if the life assured dies within the policy tenure.

  • Maturity Benefits: Normally, traditional life insurance policies don’t offer maturity benefits. But term return of premium life insurance policies offer maturity benefits by returning the total amount of premiums paid so far, provided a policy is continued till the end of term.

  • Tax Benefits: A policyholder can enjoy tax benefits over the premiums paid for term life insurance plans with maturity benefits. The premiums paid and the amount received are exempted from income tax assessment under section 80C and 10 (10D) of the Indian Income Tax Act, 1961.

  • Term life insurance plans with maturity benefits also offer additional riders such as Critical Illness and Accidental Death or Disability riders.

  • Term life insurance plans come at affordable premiums rates.

Top 5 Term Insurance Plans With Maturity Benefit India

Listed below are some of the term life insurance plans in India that come with maturity benefits.

  1. LIC Jeevan Pramukh: This is an Endowment Assurance term life insurance plan offered by Life Insurance Corporation of India. The plan provides financial protection against death throughout the policy term and provides maturity benefits, provided the policyholder holder survives till end of policy term. The policy would pay the sum assured accompanied by accrued guaranteed additions, vested simple reversionary bonuses and terminal Bonus( if any) in a lump-sum as maturity benefits.

  2. MetLife Suraksha TROP: It is a non-participating term life insurance plan offered by PNB MetLife. The plan not only provides life insurance coverage at nominal cost, it also offers the total of all premiums paid along with guaranteed additions.

  3. Max Life Premium Return Protection Plan: This is a term insurance plan with maturity benefits offered by Max Life Insurance Company. The plan not only protects your family against eventualities, it also returns all your premiums paid at maturity.

  4. Aviva iShieldPlan: This is an online non-linked non participating term life insurance plan offered by Aviva. The plan provides guaranteed survival benefits/ money back benefits at maturity which is 110% of total premiums paid.

  5. Tata AIA Life Insurance iRaksha TROP: This is an online term return of premium plan which a returns all total premiums paid, if the policyholder survives till the end of policy term.

How to Choose The Best Term Insurance Plans With Maturity Benefits

In order to choose the best the term life insurance plan with maturity benefits, you need to shop around and do a primary research. Then, compare the plans available in the insurance market and pick up a one based on your requirement.

MATURITY BENEFITS RELATED ARTICLES

Term Insurance Plans For Couples

Term insurance is one of the most preferred type of insurance that many people seek today. This is mostly because of the benefits it offers, which include pure risk protection at an affordable price. Couples who are looking to purchase an insurance policy have the option of either going in for a single life insurance policy or a joint life insurance policy.

In this article, we bring to you some important information about both these types of policies and also some important points of distinction between joint and single life insurance policies on various crucial parameters. You can also read about some term insurance policies which are available specially for couples as well . Read More...

Things You Should Know About Term Insurance Plan Premium Calculators

Those of us who have taken a loan must be familiar with a loan EMI calculator. But did you know, you can also find out the approximate premium you have to pay on your term insurance plan with the help of a term insurance premium calculator? Just like for loans, now you can take the help of an online premium calculator to find out how much an insurance plan is going to cost you.

The working of these calculators is simple and the user is required to provide some policy related information such as their name, age, date of birth, plan type, sum assured, policy term, premium payment term, riders, and other related data. If you too are looking to get a term insurance plan, you will find this article helpful as it talks about some of the important features and benefits which these premium calculators offer and how they work. Read More...

Top 10 Best Performing Term Insurance Plans In India

Planning for the future is something which many of us avoid doing till the very last moment. However, as we grow older, our responsibilities not only towards our own selves but also our family members change. If you are looking after dependent family members, it is a part of your responsibility to ensure that your dependent family members are financially secure if something were to happen to you. For this purpose, a term insurance plan is the best life insurance option available for you.

As you would know, term insurance is also considered to be the purest form of insurance which provides cover against the risk of death. This is a simple and easy to understand insurance plan which offers adequate financial protection to your loved ones if you were to pass away unpredictably.

Not only that, you can also opt for a number of riders which can enhance the coverage provided by your term plan. Here, we have compiled a list the top 10 best performing term insurance plans in India. You can read about each plan in brief to get an idea about what each plan has to offer in terms of benefits, so you can decide which one is best suited for your needs. Read More...

Term Insurance Vs. Endowment Policy

Life insurance has become a must-have in today’s times which can help provide much-needed protection to our dependents in case of an uncertainty. For those looking to purchase a life insurance policy, there is no dearth of choices. To address diverse needs, there are different types of life insurance policies that are available, such as, endowment policies, term insurance policies, unit linked insurance policies, and more.

For those who may be considering between an endowment policy and a term insurance policy, we bring a very helpful comparison between the two in this article. Read about the basic differences between these two policies on various parameters such as who they are ideal for, benefits associated with each policy, sum assured, etc., so you can decide which one is best for you. Read More...

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Term Insurance Plan with Maturity Benefits Reviews

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  • Tata AIA Life Insurance
    "Best policy"
    0.5 4.0/5 "Great!"
    I have taken life insurance policy directly through TATA AIA. This is a maturity benefit policy for the tenure of 15 years. I am paying the premium through bank directly. This policy is highly beneficial for myself, family and this policy is still active. I am satisfied with the service so far.
    Was this review helpful? 0
    , tuticorin
    Reviewed on Jan 28, 2020
  • LIC
    LIC Life Insurance
    "Good service"
    0.5 3.0/5 "Satisfactory"
    I have taken Life Insurance policy through LIC agent.This was a maturity benefit policy and the tenure is for 21 years.I am paying the premium on monthly basis .I am paying the premium through auto debit.This policy was shared by the agent and i am satisfied with the service .
    Was this review helpful? 0
    , tirupur
    Reviewed on Jan 27, 2020
  • LIC Life Insurance
    "Good policy for IT purpose and savings"
    0.5 3.5/5 "Pretty good"
    I have taken the life insurance policy from LIC and i took the Jeevan Surabhi. For the tax benefits and savings purpose, i have selected this policy. Its a good policy for the tax purpose. I pay the premium amount of Rs. 6700 yearly. Through paytm, i make the payment. Total term period of the policy is 25 years in that i need to pay the premium amount for 18 years. Every 4 years, i get the amount of Rs. 5000 for the sum assured amount of Rs. 25000 policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 25, 2020
  • LIC Life Insurance
    "Very Good Policy"
    0.5 4.0/5 "Great!"
    For my Bhima kiran life insurance policy which I have taken from LIC. The premium amount is less and this policy covers for the accidental insurance. I pay the premium amount of Rs. 350 with the coverage of Rs. 1L and this policy covers for up to 25 years. Its because of the low premium and benefits, i have selected this policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 25, 2020
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    My jeevan Anurag was taken from Life insurance corporation of India. This policy has a benefits for child education. I pay the premium amount of Rs. 5000 yearly and it has a term period of 20 years. They will be providing me a sum assured amount of Rs. 1 lakh. This is a tax benefit policy.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jan 25, 2020
  • LIC Life Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken Life insurance policy through LIC agent.This was a maturity benefit policy taken for the tenure of 15 years .I am paying the premium on yearly basis ,The premium is paid on cash through the agent .This policy is still active and the whole process was clearly explained by the agent.I have taken this policy only for my family benefits.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 23, 2020
  • LIC Life Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken life insurance policy directly through LIC agent.This is a maturity benefit policy for the tenure of 20years ,I am paying the premium through agent as well as cheque .This policy is highly beneficial for family and this policy is still active. I am satisfied with the service so far.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 21, 2020
  • LIC Life Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken Life Insurance policy through LIC agent .This was a maturity benefit policy and this policy tenure is 20 years .I need to pay the premium within 3 months .The premium is paid on through the agent.This policy is taken for family benefits. The complete process was shared by the agent.
    Was this review helpful? 0
    , thane
    Reviewed on Jan 20, 2020
  • LIC Life Insurance
    "Excellent Policy"
    0.5 5.0/5 "Blown Away!"
    Last month i have bought the child policy for my daughter and son. I have selected the policy duration of 15 years. I pay the premium amount of Rs. 50000 per year. Everybody told that LIC company is not cheating the customer and its a Government sector company. From the agent, i got the policy and he has explained the benefits as well.
    Was this review helpful? 0
    , pune
    Reviewed on Jan 17, 2020
  • LIC Life Insurance
    "Best Service"
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance policy through LIC agent .This was a Maturity benefit policy for the tenure of 15 years and i am paying the premium on yearly basis with the online optioni am paying Rs. 12,000 on yearly basis .This policy is still active on my name and the service was satisfied .
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 17, 2020
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy through LIC agent.I am paying the premium on quarterly basis the premium was Rs.3000.This is a maturity benefit policy .The policy tenure is for 16 years and paying the premium through online. .The complete process of this policy was shared by the agent.This policy is still active and i am satisfied with the service .
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 14, 2020
  • LIC Life Insurance
    "Very happy"
    0.5 5.0/5 "Blown Away!"
    I do have a life insurance policy with LIC for a safety reason and am paying for my children education benefit. I am paying premium of around 6K through SSS(Salary Saving Scheme). I hold 5 to 6 policies and all are long term tenure. The customer service is good and the agent (Thiruganasamantham) is really helpful. It was taken for tax benefits and future savings.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 10, 2020
  • HDFC Life Life Insurance
    "Supportive policy"
    0.5 5.0/5 "Blown Away!"
    I have bought HDFC bank credit card, so they have provided me a life insurance policy from HDFC LIFE. They are sending by courier on every year regarding the policy renewal details and coverage amount. Agent has clearly explained me about the policy benefits hence i took it. I pay the premium amount of Rs. 2500 on a yearly basis. This policy has cover for hospitalization and death cover.
    Was this review helpful? 0
    , pondicherry
    Reviewed on Jan 06, 2020
  • LIC Life Insurance
    "Best Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance Policy directly through LIC agent.This was a maturity benefit policy for the tenure of 21 years .The premium is paid on quarterly basis and the payment mode is online. I have taken this plan for my child and received the documents on time.
    Was this review helpful? 0
    , pune
    Reviewed on Jan 04, 2020
  • LIC Life Insurance
    "Best Service"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance policy directly through LIC agent.This was a maturity benefit policy for the tenure of 21 years .The premium of Rs.1500 is paid on quarterly basis through online .The policy details was clearly explained as well and the policy is still active and also got my policy documents on time.
    Was this review helpful? 0
    , pune
    Reviewed on Jan 04, 2020
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    By 2019 got my Jeevan Lakhsya policy from LIC. My friend has recommended me about this policy. This policy is a tax benefitable one. It has a term period of 24 years. Through agent, i bought this policy and he has explained the features and benefits of it.
    Was this review helpful? 0
    , visakhapatnam
    Reviewed on Jan 03, 2020
  • LIC Life Insurance
    "Better Policy "
    0.5 4.0/5 "Great!"
    Last year, i got the life insurance policy from LIC because this is a genuine company and trusted one. LIC publicity is good when i compared to others. Its because of the child benefits i have selected the Jeevan Tarun policy. I need to pay the premium upto 21 years and it get matured in 25 years. Sum assured amount is less when i compared to premium what i paid.
    Was this review helpful? 0
    , visakhapatnam
    Reviewed on Jan 03, 2020
  • LIC Life Insurance
    "Best Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy directly through LIC .This policy was a Maturity benefit plan, the policy tenure is 15 years and i am paying the premium on half yearly basis .There was no difficulties faced when availed this policy. I am paying the premium through the agent.The policy details was shared by the agent very clearly.
    Was this review helpful? 0
    , agartala
    Reviewed on Jan 02, 2020
  • Birla Sun Life Insurance
    "Good coverage plan"
    0.5 5.0/5 "Blown Away!"
    From Birla sun life, i have taken the accidental policy. I didn't get any kind of follow up messages or call from their end. There is a communication gap between the customer and company. No follow up post purchase of the policy but the plan benefits are good. I have paid the premium amount of Rs. 5000 which is a one time premium which covers for 5 years. If something went wrong they are providing Rs. 25 lakhs and if i am paralyzed they will provide some amount on a monthly basis. If i met the accident, they takes care of the hospitalization charges and my family expenses.
    Was this review helpful? 0
    , karnal
    Reviewed on Dec 31, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    Selected my life insurance policy from LIC. I'm paying the premium for the policy for almost 11 years. My relation is working as a LIC agent, i bought this policy with the help of him. They are giving the sum assured amount of Rs. 6 lakhs. I make the premium through agent. Overall, I'm satisfied with the plan benefits.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 27, 2019
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